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FAQ'S

Why is it so important for businesses to hire a great accountant?

It is important for businesses to hire a great accountant (1) to help them maximize their right to tax credit, benefit and deductions under tax laws, (2) to make sure compliance to government and avoid missed tax obligations leading to massive tax owing in the future and lastly, (3) to help business owners, to give their time more focus on what they do best, on their business while we take care of all accounting and tax matters.

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In corporation, is the annual return same as corporation income tax return?

An annual return is not the same thing as a corporation income tax return. An annual return must be filed within 60 days of the anniversary date of the corporation — the date on which the corporation was incorporated, amalgamated with another corporation or continued into an act administered by Corporations Canada. Corporation income tax return must be filed with the Canada Revenue Agency within 6 months of the year end of the corporation.

Can you provide your services online or remotely? If so, please add details.

Yes, we can provide our services online and remotely as our services were for all over Canada. In fact, we have currently long term clients from different provinces in Canada, in Nova Scotia, Ontario, British Columbia, Yukon, Saskatchewan and Alberta, and we still look forward to having clients from other provinces as well nationwide. Our clients send information via safe email communication and discuss in virtual meeting like zoom or phone call if needed.

What changes have you made to keep your customers safe from Covid-19?

Changes have made to keep customers safe from Covid-19 include electronic signatures, virtual and phone call appointments, by appointment only rule and safe email communication.

Do I need to file income tax return when I have zero income?

To continue getting your benefit and credit payments, you need to do your taxes on time
every year, even if your income is tax exempt or you had no income at all. Filing a return is
the only way to receive refunds as well as certain benefits and credits, including the Canada
child benefit, the Canada workers benefit, the goods and services tax/harmonized sales tax
credit, the Guaranteed Income Supplement and related provincial and territorial payments.

Do I need accounting services if my business is small?

Yes. Even small businesses benefit from proper accounting practices. An accountant can help manage your cash flow, track expenses, and prepare for tax obligations, which is crucial for business growth and avoiding costly mistakes.

What is the difference between bookkeeping and accounting?

Bookkeeping involves recording daily transactions, such as sales and expenses, while accounting includes interpreting, analyzing, and summarizing financial data, as well as providing financial reports and tax planning.

How do you handle tax deadlines and ensure compliance?

We monitor tax deadlines throughout the year and ensure all forms are submitted on time. Our team also stay up to date on tax law changes through yearly national accounting conventions, conferences and seminars, to ensure your business remains compliant and takes advantage of any new benefits.